Tax-Free Savings Account

A Tax-Free Savings Account (TFSA) is a savings option that does not apply tax to the growth earned by the investment. This is unique from traditional savings accounts that does charge tax on the growth. Even in a Retirement Savings Plan (RSP) the growth is taxed when the money is withdrawn from the RSP. With a TFSA, no matter how much the investments earn, the growth will never be taxed.

Annual limit contribution: $6,500 per year*

Notable Features

Flexibility and tax-free growth
Unused contributions carried forward from year to year
Contribution room is regained the year following a withdrawal
Transferable to spouse/common-law partner upon death
Does not affect eligibility for government sponsored retirement income programs
Investment options that include a full range of funds and guaranteed interest options

Each year residents of Canada who are at least 18 years of age can invest an annual limit into a TFSA. Deposits made into a TFSA are made with after-tax dollars meaning that withdrawals can be made at any time on a tax-free basis. Once a withdrawal is made, the contribution room is regained in the year following the withdrawal.

Products that offer a TFSA

Guaranteed Interest Account
Pivotal Select

* Annual limit is set by Canada Revenue Agency (CRA) guidelines, currently $6,500 per year.

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This table includes downloadable marketing materials saved in PDF format. Each row is a different product and may contain versions of the brochure in alternate languages.
Form Number	Marketing Material Name	Available Languages
1979	Benefits of segregated funds in a TFSA File This savings option allows you to grow your savings without ever paying tax on the growth within your account. This is different from traditional savings accounts where you are required to pay tax on the growth earned by your investment. (Available in PDF only).	FR
1971	Fidelity Investments funds for Pivotal Select File The newly offered Fidelity® Investments funds for Pivotal Select™ segregated funds invest in underlying mutual funds. (Available in PDF only)	FR
1353	Choosing the right account type File There is no simple answer to the question, where should I save my money?	FR
1965	Facts & Figures File TFSA Contribution Limits, RRSP Contribution Limits, TOP Marginal Tax Rates, Retirement Income Fund Minimum, Canada Pension Plan Benefits. (Available in PDF only).	FR
1583	Make your money work for you File We all know a Retirement Savings Plan (RSP) is a great way to save for retirement. When we make an RSP contribution we receive an immediate tax refund.	FR
1970	Personalized Ads - Benefits of segregated funds in a Tax-free Savings Account File	FR
1630	Tax-free money does exist, if you know where to look. File The simple truth is that money accumulates over time.	FR
1276	Tax-Free Savings Account (TFSA) File Whether your savings goals are short-term or long-term, a TFSA can help you fast-track your savings.	FR

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Tax-free means more savings When you invest in a Tax-Free Savings Account (TFSA) you can save more and reach your goals faster. Because of the flexibility in a TFSA, most Canadians can benefit from having an account. Talk to your financial advisor to see if a TFSA can help you achieve your goals.
The Tax-Free Savings Account can be a misunderstood savings tool Considered by some to be a short-term investment, many of us do not value its long-term savings potential. If you’re in your 20’s, you have time on your side and are well positioned to make (or exceed) a million dollars of tax- free savings by retirement.
How to choose between an RSP and a TFSA For years Canadians have utilized Retirement Savings Plans (RSPs) as the primary investment vehicle for retirement savings. With the introduction of Tax-Free Savings Account (TFSA), there has been great debate over where to invest: RSP or TFSA? Although the two account types share some common traits, there are some key differences.
Benefits of segregated funds in a Tax-Free Savings Account This savings option allows you to grow your savings without ever paying tax on the growth within your account. This is different from traditional savings accounts where you are required to pay tax on the growth earned by your investment.